EXPECTED TOURISM DEVELOPMENT IN MONTENEGRO BY MASTERPLAN 2020

Future tourism development will to the greatest extent be spurred by Greenfield investments. This type of investments will contribute to better quality of accommodation facilities, higher-yield guests and greater revenues both from tourism and on other grounds (taxes, charges…). It is particularly significant that the facilities to be built on the sites listed below will need considerable numbers of personnel, indicating that in near future Montenegro will import labor from the region and beyond. Greenfield projects.

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Altogether, over 10,000 hectares of land reserves are available for new holiday resorts at several coastal sites situated at top beach locations and areas suitable for nautical tourism, most of this, recently decommissioned military premises. Some of these areas are ecologically valuable and can only be put to limited use: Ada Bojana, Šasko Jezero,Velika Plaža, Buljarica. This order of magnitude, however, still permits a generous ratio of green space for outdoor tourist amenities per guest bed (bathing landscapes). These will count as another quality feature of Montenegro after many competitor destinations have completely covered their coasts in concrete.

The regional masterplan for Velika Plaža, for example, therefore provides for 100 m2 of green space per guest bed with a total of 30,000-40,000 beds. In addition to the above, already pending projects, there is still a range of possibilities in Herceg Novi (its part of Luštica, reconstruction of town hotels), Kotor (townhotels, Vrmac, hills in the hinterland of Jaz, Grbalj). It is expected that the number of beds in all type of hotels and similar accommodation arise from 34.000 bed places to 100.000 bed places in coastal area.

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EXISTING HOTELS, RESORTS, APARTMENTS, ROOMS AND SIMILAR OBJECTS IN MONTENEGRO

NEW HOTELS & RESORTS IN MONTENEGRO

Budva region is located in the central part of the Montenegrin Adriatic coast and is considered to be the center of tourism, thanks to the accessibility and good connectivity to other parts of Montenegro. With numerous projects being completed Budva has been significantly developed during the last five years.

Condo hotel Tre Canne, as one of the prime projects in Budva is located in immediate proximity to Adriatic Fair. The complex comprises 3 towers, central tower and two smaller ones with 275 luxurious apartments, ranging from one to four bedrooms, with gross building area of app. 37,000m2.

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Announced and planned by company Montenegro Resort, Porto Skadar Lake is new luxurious eco-resort, which should feature 30 villas and eco-spa, along with upscale amenities, situated along Skadar Lake.

PROPERTY PRICES

Montenegro property offers an excellent investment opportunity. The country has a burgeoning tourist industry, bolstered by the government’s Tourism Masterplan 2007-2020, which aims to develop high-end hotels, golf courses and other luxury facilities in order to attract affluent tourists.

Foreign property demand is expected to rise further these coming years with Ryanair launching several new flights from across Europe (such as from Brussels, Milan, Barcelona, London, Oslo and Stockholm) to Montenegro.

Market price of apartments in Budva has an average annual growth rate of 4.61% (2006-2015). Almost certain is that the price of property in Budva will rise, but the right question to ask might be when is the right time to buy property. In 2013 and 2014 market price of property in Budva suddenly fall first by -6.7% in 2013 then by -20.1% in 2014. But in 2012 we can see increased prices for 25.6%. The market is very unstable and there are variety of shocks which can make price of property suddenly go up or down. It looks like prediction of any kind is impossible here. With lack of certainty we can only tell that the price will be increased in a period of time.

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There are no restrictions on foreigners buying property, except for land, which can only purchased by foreigners through a company. After a building is constructed, ownership can be transferred to individuals.